How Government Shutdown Is Effecting FHA, VA, and USDA Loans…

Here’s how the government shut down is currently effecting FHA, VA, and USDA…
HUD/FHA

The Department of Housing and Urban Development’s (HUD) operations, specifically the Federal Housing Administration (FHA), should not be significantly impacted as long as the shutdown is brief.

Limited FHA staff will be available to respond to questions, emails or other correspondence. (The estimated 9300 HUD employees will be reduced to an emergency team of 350 during the shutdown.)

VA

The Department of Veterans Affairs (VA) will continue to operate if there is a government shutdown, which means we will be able to continue originating VA-guaranteed loans.

Borrowers will be able to obtain their Certificate of Eligibility online, and they will still be able to submit applications and follow up on COEs that require more research with the Atlanta Eligibility Center.

Rural Housing

The USDA website and GUS (usda’s automated underwriting system) are currently unavailable. Their underwriters and the call centers are also not available.

Therefore, until further notice, USDA loan applications that have not yet received a firm commitment from Rural Development and have yet to receive a clear to close from us will not be allowed to close.

We’ll get through this, and it will soon be a distant memory! (hopefully)

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

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